Mad Peter and I out for a spin (9)
I believe the answer is:
pirouette
'a spin' is the definition.
(pirouette is a kind of spin)
'mad peter and i out' is the wordplay.
'mad' is an anagram indicator.
'and' means one lot of letters go next to another.
'i'+'out'='iout'
'peter' after 'iout' is 'ioutpeter'.
'ioutpeter' with letters rearranged gives 'PIROUETTE'.
'for' is the link.
(Other definitions for pirouette that I've seen before include "Rapid spin of the body on the toes in ballet" , "A dancer's spinning movement on tiptoe" , "Twirl like a ballerina" , "Dancer's twirl" , "Balletic whirl" .)